Wednesday, March 20, 2013

JANUARY 13, 1808 – BIRTH OF SALMON P. CHASE, US SENATOR (OHIO), GOVERNOR OF OHIO, US TREASURY SECRETARY UNDER ABRAHAM LINCOLN, CHIEF JUSTICE OF THE US SUPREME COURT

1808 – BIRTH OF SALMON P. CHASE, US
SENATOR (OHIO), GOVERNOR OF OHIO, US TREASURY SECRETARY UNDER ABRAHAM LINCOLN,
CHIEF JUSTICE OF THE US SUPREME COURT
"My agency in procuring the passage of the National Bank Act, was the
greatest financial mistake of my life. It has built up a monopoly that
affects every interest in the country. It should be repealed. But
before this can be accomplished, the people will be arrayed on one side and the
banks on the other in a contest such as we have never seen in this
country." The National Bank Act established a system of nationally
chartered banks. Before the Act, most banks were chartered by states. The Act
permitted these new nationally chartered banks to turn government bonds into
the US Treasury in exchange for the right to print an equal amount of
debt-based Bank Money. This undermined U.S. Greenbacks, which was debt-free
public money.